LONDON, UK: UK Oil & Gas PLC (London AIM: UKOG) has announced that it has agreed with its partners to restart oil production at the Avington field.
The field was shut-in in 2017, after producing only 0.47% of the estimated 59 million barrels of oil in the ground. The company believes that there is still a lot of oil left to be extracted from Avington, as similar fields nearby have recovered around 6-13% of the oil in place.
The company will start by working over Avington-3z, the field’s best well, which started producing in 2007 and accounted for around 81% of the oil output. The company expects that the well will produce more oil than before, as the reservoir pressure may have increased during the 5-year shut-in period.
The field received new planning permission in December 2021. UKOG owns a 5% stake in Avington and the surrounding licence.
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